04 NCAC 01L .0102. ELIGIBILITY

(a)  The homeowner is not required to finalize the SBA loan in order to be eligible for the state grant.  The loan must only be approved, as documented by an approval letter from SBA.

(1)           Homeowners are eligible for three maximum grant amounts, depending upon age, income and amount of damage to the primary residence.

(2)           Amount of damage includes only damage to real property.  Damage to personal property is not included in determining eligibility or maximum grant amount. 

(3)           Amount of damage is determined by the SBA Loss Verifier as documented on a SBA Verification of Real Property B Home Report (SBA Form 2056 5-99)

(4)           When one or more of the owners of a primary residence is age 60 or over, as documented on the application for a SBA disaster home loan, income is not a factor in determining the maximum grant amount.

(5)           When all owners of a primary residence are under age 60, and the combined annual adjusted gross income of the homeowners is One Hundred Thousand Dollars ($100,000) or over, the homeowner is not eligible for a grant.

(b)  Regardless of the maximum grant amount for which the homeowner is eligible based upon age, income and amount of damage, no grant shall exceed the amount of damage to real property of the primary residence as verified by the SBA damage assessment.

 

History Note:        Authority G.S. 150B-21.1; S.L. 1999-463;

Temporary Adoption Eff. February 18, 2000 to expire on January 1, 2003;

Codifier approved request on December 30, 2002 to extend expiration until January 1, 2005;

Codifier approved request on December 30, 2004 to extend expiration until January 1, 2010;

The Department of Commerce and the Department of Crime Control & Public Safety consider this rule to be extended and currently in effect pursuant to Session Law 1999-463 Extra Session House Bill 2, Session Law 2005-1, Executive Order 8 dated July 6, 2001 and Executive Order 75 dated June 10, 2005.